Wednesday, February 3, 2016

Seriously negative opening

The Nasdaq 100 dropped 2% in the first 35 minutes of trading.  At the same time the advances went from over 6.5 to 1 decline to 2.7 declines to 1 advance.  This is a very sharp decline.

It seems that my thinking that people would sell into the rally is correct.  But I was sure wrong about the peaks that they would sell at.  I was sure the market would go well above 1950 before selling came back in.

Now to see where buying the dip takes place.  As I write the NYSE a/d is only 2 issues down for every 1 up.  The Nasdaq composite on the other hand is 5.5 issues down for every 1 up.

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